TORONTO — November 20, 2023 — Grafton Apparel Ltd. today announces that its shareholders have entered into a definitive sale agreement with an affiliate of Stern Partners Inc., a Canadian private investment company controlled by Ronald N. Stern.
Grafton will continue to independently operate and grow its retail and ecommerce businesses — Tip Top, George Richards and Mr. Big & Tall — in the Canadian market. Stern Partners is a Canadian investment firm with more than 30 years of experience investing in a diverse range of operating companies, including extensive long-term interests in the apparel industry.
“Across Tip Top and our Big & Tall stores, Grafton Apparel offers unparalleled quality, value, and style that has delivered record results,” says Lance Itkoff, President and CEO of Grafton. “We are the definitive go-to solution for men’s workplace and event apparel as well as the only nationwide chain catering exclusively to the Big & Tall customer. Stern Partners brings us the benefit of strategic Canadian investors who understand the retail landscape and we look forward to leveraging their insight and resources to help us deliver even better value to our customers and enhanced growth for Grafton.”
“The growth of the retail apparel market in Canada has been an area of interest for us. Grafton’s commitment to delivering quality and value to consumers, backed by a strong team, has created a growth trajectory that we want to support,” says Daniel Cairns of Stern Partners. “We are excited to partner with the strong team at Grafton as we turn the page into this next chapter together.”
The transaction is subject to customary regulatory approvals and is expected to be finalized over the coming weeks. National Bank Financial acted as exclusive financial advisor and Davies Ward Phillips Vineberg acted as legal advisor to the Company on the transaction. Norton Rose Fulbright acted as legal advisor to the Purchaser.
Posted: November 20, 2023
Source: Grafton Apparel Ltd.